UK growth rebounds in second quarter thanks to warm weather boost

News / UK and world by Press Association August 10, 2018, 9:44 am Facebook Twitter LinkedIn WhatsApp Email Sign up to our Daily newsletter UK economic growth rebounded in the second quarter as retail sales and construction benefited from a warm weather boost. The Office for National Statistics (ONS) said gross domestic product (GDP) grew by 0.4% between April and June, compared to the first three months of the year. That figure was in line with economists’ estimates. It comes after growth slumped to 0.2% amid frosty weather brought in by the Beast from the East in the first quarter. ONS head of national accounts Rob Kent-Smith said: “The economy picked up a little in the second quarter with both retail sales and and construction helped by the good weather and rebounding from the effects of the snow earlier in the year. “However, manufacturing continued to fall back from its high point at the end of last year and underlying growth remained modest by historical standards.” Sterling edged up slightly versus the dollar following the news, but was still trading 0.5% down at 1.27. Against the euro, the pound was up 0.1% at 1.11. Data showed the UK’s powerhouse services sector – which accounts for around 79% of the economy – grew by 0.5% in the second quarter, marking the strongest quarterly expansion for the sector since the end of 2016. It reflects a pick-up in wholesale and retail trading, both of which were affected by the adverse weather earlier… [Read full story]